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Performance
We update the performance of our portfolio strategies every month and publish the results here for the world to see. The chart below shows the cumulative performance of each portfolio strategy since its inception. We also show the year-by-year performance, the current year, and the year-to-date performance.
We also show the 3- and 5-year annualized return for each portfolio. Annualized return, or "average annual return," describes the return gained, on average, each year of a multi-year period rather than a cumulative return. Annualized return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative return if performance had been constant over the entire period. Cumulative return, which adds the actual year-by-year gains, is shown under the column heading “Since Inception.”
We understand that our track record doesn’t occur in a vacuum. For this reason, we display our track record along side the relevant industry benchmarks.
We are highly sensitive to the matter of managing risk. After all, it’s your money. That’s why we offer an array of carefully crafted investment strategies to suit the time horizon and risk tolerance of different investors. And that’s why we can be just as proud of the 39.5% gain in our Core Opportunities Strategy as we are of the 86.1% gain in our Best Ideas Strategy.
We invite you to take an in-depth look at our investment philosophy as explained by Chief Investment Officer Richard Moroney in this informative interview published by The Wall Street Transcript.
|
Since Inception |
2008 |
2007 |
2006 |
2005 |
2004 |
Annualized
Performance |
|||
3 Year |
5 Year |
|||||||||
|
39.5% |
-4.4% |
11.5% |
13.6% |
7.4% | 21.7% | 8.9% |
12.5% |
||
| Russell 3000 | 19.0% |
-11.1% |
5.1% |
15.7% |
6.1% | 12.0% | 4.7% |
8.4% |
||
|
86.1% |
-5.2% |
12.3% |
11.8% |
10.0% | 25.4% | 8.6% |
N/A |
||
| 50/50 Blend of Russell 1000/2000 |
50.0% |
-10.3% |
2.1% |
17.0% |
5.5% | 14.9% | 4.4% |
N/A |
||
| S&P 500 | 41.6% |
-11.9% |
5.5% |
15.8% |
4.9% | 10.9% | 4.4% |
N/A |
||
|
67.4% |
-5.0% |
10.7% |
10.4% |
7.7% | 34.7% | 7.6% |
N/A |
||
| Russell 2000 | 33.3% |
-9.4% |
-1.6% |
18.4% |
4.6% | 18.3% | 3.8% |
N/A |
||
|
19.9% |
-3.3% |
7.8% |
9.6% |
5.0% |
N/A |
N/A |
N/A |
||
| 65% Russell 3000
Stock 35% Lehman Bros. U.S. Bond Aggregate Blend |
14.6% |
-6.8% |
5.9% |
11.7% |
4.0% |
N/A |
N/A
|
N/A
|
||
|
8.0% |
-6.1% |
6.4% |
8.1% |
N/A |
N/A |
N/A |
N/A |
||
| Russell 3000 | 4.9% |
-11.1% |
5.1% |
12.2% |
N/A |
N/A |
N/A
|
N/A
|
||
|
33.2% |
-3.3% |
8.8% |
10.3% |
5.4% |
14.1% |
6.7% |
8.7% |
||
| 65% Russell 3000
Stock 35% Lehman Bros. U.S. Bond Aggregate Blend |
40.1% |
-6.8% |
5.9% |
11.7% |
4.9% |
9.3% |
4.7%
|
6.9%
|
||
Horizon Investment Services LLC, is registered with the SEC as an investment adviser. The firm manages equity, mutual fund, income, and balanced portfolios for U.S. investors. The composite performance results include all fully discretionary accounts for the strategies shown above managed by Horizon Investment Services and exclude any accounts with significant client-imposed investment restrictions. Accounts are added to the composite after their first full calendar month of investment performance. Accounts that have significant cash flows that total over 30% of assets are temporarily removed from the composite. Composite performance results are presented after brokerage commissions, reinvested income and advisory fees and are asset-weighted, time-weighted total return figures. Performance was reduced by the highest fee charged to any client employing these strategies for the periods under consideration. Actual fees may vary depending on fee schedule and portfolio size. Advisory fee schedules are available upon request or may be found in Part II of Horizon Investment Services’ Form ADV.
The Quadrix® stock-rating system is a product wholly-owned by Horizon Publishing Company, Horizon Investment Services' sister company. Horizon Investment Services has contracted with Horizon Publishing Company to use the Quadrix stock-rating system for its stock-screening processes.
*As of June 30, 2008, the Core Opportunities Strategy composite included 13 accounts with $13.8 million in combined assets. The Core Opportunities Strategy tends to be weighted more toward large-capitalization stocks while also holding small-capitalization stocks, which tend to be more volatile. The inception date of the composite was November 30, 2000. The comparative market index for the Core Opportunities is the total return performance of the Russell 3000 Index. The Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies in terms of market capitalization. Past performance is no guarantee of future results.
**As of June 30, 2008, the Best Ideas Strategy composite included 99 accounts with $48.2 million in combined assets. In addition to large and mid-capitalization stocks, the Best Ideas Strategy contains small-capitalization stocks, which tend to be more volatile. The inception date of the composite was July 31, 2003. The comparative market index for the Best Ideas Strategy is a 50/50 blended performance of the Russell 1000 and Russell 2000 indexes, calculated by averaging the cumulative total returns of the two indexes for the periods presented. In our opinion, this blended index represents a fair approximation of the composition of the Best Ideas Strategy. The Russell 2000 index is an unmanaged index that measures the performance of the smallest 2,000 companies in the Russell 3000 Index of the 3,000 largest U.S. companies in terms of market capitalization. The Russell 1000 index is an unmanaged index that measures the performance of the largest 1,000 companies in the Russell 3000 index of the 3,000 largest U.S. companies in terms of market capitalization. The S&P 500 index is presented solely because it is a widely followed index. The S&P 500 index is an unmanaged index that measures the performance of 500 large company stocks weighted by market capitalization. Past performance is no guarantee of future results.
***As of June 30, 2008, the Upside Plus Portfolio composite included 29 accounts with $13.2 million in combined assets. The Upside Plus Strategy contains many small-capitalization stocks, which tend to be more volatile than S&P 500 stocks. The inception date of the composite was November 28, 2003. The comparative market index for the Upside Plus Strategy is the total return performance of the Russell 2000 Index. The Russell 2000 index is an unmanaged index that measures the performance of the smallest 2,000 companies in the Russell 3000 Index of the 3,000 largest U.S. companies in terms of market capitalization. Past performance is no guarantee of future results.
*****As of June 30, 2008, the Best Ideas Plus Income Strategy composite included 8 accounts with $4.9 million in assets. The Best Ideas Plus Income Strategy incorporates the equity positions of our Best Ideas Strategy with a maximum equity exposure of 65%. The remaining portfolio is comprised of fixed income securities such as bond funds, ETFs and cash instruments. In addition to large and mid-capitalization stocks, the Best Ideas Plus Income Strategy contains small-capitalization stocks, which tend to be more volatile. The inception date of the composite was June 30, 2005. The comparative market index for the Best Ideas Plus Income Strategy is a 65/35 blended performance of the Russell 3000 and the Lehman Brothers US Aggregate indexes, calculated by averaging the cumulative total returns of the two indexes for the periods presented. In our opinion, this blended index represents a fair approximation of the composition of the Best Ideas Plus Income Strategy. The Russell 3000 index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies in terms of market capitalization. The Lehman Brothers US Aggregate index is comprised of US-denominated, Investment-grade, fixed-rate, taxable bonds. Past performance is no guarantee of future results.
******As of June 30, 2008, the Dividends Plus Portfolio composite included 3 accounts with $900,000 in combined assets. The Dividends Plus Strategy is a quantitative approach of selecting dividend-paying stocks using the Quadrix® stock ranking system. In addition to large and mid-capitalization stocks, the Dividends Plus Strategy contains small-capitalization stocks, which tend to be more volatile. The inception date of the composite was July 31, 2006. The comparative market index for the Dividends Plus is the total return performance of the Russell 3000 Index. The Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies in terms of market capitalization. Past performance is no guarantee of future results.
*******As of June 30, 2008, the Balanced Portfolio Strategy composite included 7 accounts with $6.0 million in combined assets. The Balanced Portfolio Strategy incorporates the equity positions of our Core Opportunities Strategy with an equity exposure ranging from 30% to 70%. The remaining portfolio is comprised of fixed income securities such as bond funds, ETFs and cash instruments. In addition to large and mid-capitalization stocks, the Balance Portfolio Strategy contains small-capitalization stocks, which tend to be more volatile. The inception date of the composite was March 30, 2001. The comparative market index for the Balanced Portfolio Strategy is a 65/35 blended performance of the Russell 3000 and the Lehman Brothers US Aggregate indexes, calculated by averaging the cumulative total returns of the two indexes for the periods presented. In our opinion, this blended index represents a fair approximation of the composition of the Balanced Portfolio Strategy. The Russell 3000 index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies in terms of market capitalization. The Lehman Brothers US Aggregate index is comprised of US-denominated, Investment-grade, fixed-rate, taxable bonds. Past performance is no guarantee of future results.